Govt Picks Morgan Stanley, Standard Chartered, Axis Capital and Others to Manage Share Sale

Morgan Stanley and Standard Chartered are among six banks picked to manage the sales of shares in two state-run Indian companies, sources directly involved in the deals said on Friday.

The combined sales, worth about $470 million at current market values, are part of government plans for a record $10.5 billion in asset sales in the year to March to help plug a budget deficit.

Morgan Stanley and Indian banks JM Financial and Avendus have been selected to manage the sale of shares in state-run Rural Electrification Corp, the sources said.

Standard Chartered, India's SBI Capital and Axis Capital will manage the share sale for another state-run company Power Finance Corp, the sources said.